PDIC takes over rural bank in Davao del Norte

A rural bank in Davao del Norte has been placed under the receivership of the Philippine Deposit Insurance Corporation (PDIC).

As of December 31, 2013, Rural Bank of Montevista had 35,293 accounts with total deposit liabilities of P230.35 million.

Of the total, the bank had 35,248 deposit accounts (99.87%) that have balances of P500,000 or less and are fully covered by deposit insurance. Total insured deposits amounted to P209.83 million or 91.09% of total deposits.

Its head office is located in Sobrecary, City of Tagum, Davao del Norte with branches in Laak, Mawab, Monkayo, Montevista, New Bataan and Pantukan in Compostela Valley; Bayugan, San Francisco and Trento in Agusan del Sur; and in Mati, Davao Oriental.

PDIC said that upon takeover, all bank records shall be gathered, verified and validated.

It also assured depositors that all valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000.

Depositors-borrowers forums will be held from March 12 to 14, 2014 to inform depositors of the requirements and procedures for filing deposit insurance claims.

Complete details on the forums will be posted on the bank premises and in the PDIC website, www.pdic.gov.ph.

The bank’s 10 branches are located in Laak, Mawab, Monkayo, Montevista, New Bataan and Pantukan in Compostela Valley; Bayugan, San Francisco and Trento in Agusan del Sur; and in Mati, Davao Oriental.

The claim forms and the requirements and procedures for filing are also available for downloading from the PDIC website.

Depositors may update their addresses with the PDIC representatives at the bank premises or during the Forum using the Mailing Address Update Forms to be furnished by PDIC representatives.

Duly accomplished Mailing Address Update Forms should be submitted to PDIC representatives accompanied by a photo-bearing ID with signature of the depositor. Depositors may update their addresses until March 17, 2014.
The state deposit insurer reminds depositors with valid deposit accounts with balances of P50,000.00 and below do not need to file deposit insurance claims.

Depositors who have outstanding obligations with the Rural Bank of Montevista including co-makers of the obligations, and have incomplete and/or have not updated their addresses with the bank, regardless of amount, should file deposit insurance claims.

For depositors who do not need to file deposit insurance claims, PDIC will start sending payments by mail to their addresses based on bank records by March 21, 2014.

For depositors that are required to file deposit insurance claims, the PDIC will start claims settlement operations for these accounts also by the first week of April.